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American productivity so that a Chinese worker can produce 100 shirts or 20 computers. What pattern of trade would you predict now? How does this advance in Chinese productivity affect the economic well-being of the citizens of the two countries?
8. An average worker in Brazil can produce an ounce of soybeans in 20 minutes and an ounce of coffee in 60 minutes, while an average worker in Peru can produce an ounce of soybeans in 50 minutes and an ounce of coffee in 75 minutes. a. Who has the absolute advantage in coffee? Explain.
b. Who has the comparative advantage in coffee? Explain.
c. If the two countries specialize and trade with each other, who will import coffee? Explain.
d. Assume that the two countries trade and that the country importing coffee trades 2 ounces of soybeans for 1 ounce of coffee. Explain why both countries will benefit from this trade. 9. Are the following statements true or false? Explain in each case.
a. ―Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods.‖ b. ―Certain very talented people have a comparative advantage in everything they do.‖
c. ―If a certain trade is good for one person, it can‘t be good for the other one.‖
d. ―If a certain trade is good for one person, it is always good for the other one.‖
e. ―If trade is good for a country, it must be good for everyone in the country.‖
10. The United States exports corn and aircraft to the rest of the world, and it imports oil and clothing from the rest of the world. Do you think this pattern of trade is consistent with the principle of comparative advantage? Why or why not? 11. Bill and Hillary pr